Sandvik has reached an agreement with the major shareholders of the Norwegian company Teeness to acquire 92.55 per cent of the shares in the company for around SEK197 per share. The deal values the shares at approximately SEK240m, or $40m.
Sandvik intends to acquire all the shares in the company and will make the same offer to the remaining shareholders.
Based in Trondheim, Norway, Teeness is a developer of anti-vibration tools which are sold under the registered trademark Silent Tools. Currently, the products are sold exclusively through Sandvik Coromant.
In 2007, Teeness had sales of approximately SEK200m, and currently has 105 employees.
The acquisition is expected to be concluded by the end of May this year.